The big picture, 2026-10-14

On the watchlist

• The ECB's next main refinancing operation take-up, after the allotment made on 14 October at the rate then in force, will show whether banks keep bidding in full against eligible collateral.
• The FSB's eight draft principles close for comment on 8 January 2027; any national tailoring of bank capital or liquidity rules before then would test the resilience floor the principles set.
• The RBI's next overnight variable rate reverse repo auction will show whether the acceptance on 14 October, at roughly half the notified amount, was a one-off undershoot or the new normal for the overnight tenor.
• Singapore's October core inflation print, after 2.1% in July–August, will test whether MAS's unchanged S$NEER slope is still absorbing imported prices.